7.7% Cap Double Flex Unit With Full AC For Sale!

Industrial for Sale
Catylist Listing ID: 30416185
Property Subtypes: Flex Space, Industrial-Business Park, Manufacturing, Light Industrial, Net Leased, Warehouse/Distribution
Condo? Yes
Building Size (RSF): 3,500 SF
Sale Price: $395,000
Ceiling: 16 ft.
Drive In Bays: 2 Bays
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Technology Park
Usable Size (USF): 3,500 SF
Sale Terms: Cash to Seller
Cap Rate: 7.7%
Average Occupancy Rate: 100
Last Updated: 6/13/2019

Overview / Comments

Great double flex unit for sale right near to PGT!

Tenant has just signed new 2 year lease at a blended rate of $8.25 sf ($8 sf year 1 and $8.50 sf year 2) on a NNN basis from 6/1/19. Tenant has been in same location for many years. This indicates a cap rate of 7.7% on the asking price.

Blended base rent is $28,875 a year. For each unit, Taxes are $1658 (2018), condo fees are $266 monthly and liability insurance is $100 a year. These are paid by the tenant on a monthly basis. All utilities are in the tenants name.

Property is split +/- 50/50 office and warehouse with 2 bathrooms and 2 overhead doors to the rear. Multiple offices and kitchen area. Property is in good condition and the condo association is professionally managed.

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Sarasota
Taxing Authority: Sarasota
Tax ID/APN: 0378021003
Is Condo?: Yes
Zoning: ILW
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Good
Year Built: 1998
Construction/Siding: Brick/Aluminum Siding
Parking Type: Structure
Total Parking Spaces: 4
Water Service: Municipal
Sewer Type: Municipal

View FullscreenMap

Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 22,896 60,504
Median Age: 63.58 62.23
Households: 11,907 31,081

Contact

Photograph of Listing Agent

Ivan J Gould

RE/MAX ALLIANCE GROUP
MFCRE Member
© Copyright 2001-2019 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither My Florida Commercial Real Estate nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.